EU and IMF officials struck a last-minute deal with Cyprus early Monday to resurrect a bailout for the island -- but one banking chain goes to the wall and major clients, who include many Russians, will take a giant hit.

Cypriot President Nicos Anastasiades' office said he "fully respects" the decision and that he had had a "constructive" phone call with Russian leader Vladimir Putin, amid reports Cyprus was seeking alternative financing.